Louis Ng on Anti-Money Laundering and Other Matters Bill
During the debate on the Anti-Money Laundering and Other Matters Bill in Parliament on Tuesday (Aug 6), MP Louis Ng asked if amendments in the Bill will enable Singapore to more proactively tackle serious environmental crimes overseas, where it had previously been stated that information to prove the trail of monies was difficult to secure from foreign jurisdictions or financial institutions. This will be key to prosecuting the kingpins behind such operations, not just money mules, he said. On a proposal to allow the Court to order the sale of seized properties linked to criminal activity, Mr Ng asked how values will be determined, particularly for niche assets such as cryptocurrencies which are volatile, and how proceeds will be used for victim restitution.
During the debate on the Anti-Money Laundering and Other Matters Bill in Parliament on Tuesday (Aug 6), MP Louis Ng asked if amendments in the Bill will enable Singapore to more proactively tackle serious environmental crimes overseas, where it had previously been stated that information to prove the trail of monies was difficult to secure from foreign jurisdictions or financial institutions. This will be key to prosecuting the kingpins behind such operations, not just money mules, he said. On a proposal to allow the Court to order the sale of seized properties linked to criminal activity, Mr Ng asked how values will be determined, particularly for niche assets such as cryptocurrencies which are volatile, and how proceeds will be used for victim restitution.
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